Section 7ZA — Finance Act 2003: Relief for losses

Relief for losses 7ZA 1 This section applies where the amount of a person’s net pool betting receipts for an accounting period is a negative amount.

2 That amount shall be carried forward to the following accounting period and, to the extent that it does not exceed it, deducted from the amount of the person’s net pool betting receipts for that period.

3 If the amount of the net pool betting receipts for that following accounting period—

a is not a positive amount, or b is less than the amount carried forward, the amount carried forward or, as the case may be, the balance of it shall be treated for the purposes of this section as if it were a negative amount of net pool betting receipts for that period.